YEAR-END TAX TIPS:

• Finish up improvements to commercial buildings by December 31, since you can depreciate improvements completed this year over 15 years. Starting in 2006, the useful life is once again extended to 39 years for most improvements.

• Max out your 401(k) at work. For 2005, you can contribute up to $14,000. Anyone 50 or older by December 31 can contribute an extra $4,000.

• Sell your losers. You can deduct investment losses realized in your taxable accounts against your gains, plus up to $3,000 in additional losses against ordinary income.
  
• Update your estate plan for any 2005 changes in your life. Outdated documents could expose you to higher taxes.